F... gas prices

[onlydarksets]

Originally Posted by GTripp0012

If OPEC cut production 10%, it would probably go past 140. 10% is a ridculously massive amount, and based on the current reliance of economies on cheap oil, it would probably border on inhumane for OPEC to do that for no real good reason.

I think OPEC cut production like 1.5% in November to prevent the industry from being floored, and that meant (I think, I'm not sure on this number, I might have an extra zero) 150 million fewer barrels per day produced.

Looks like 2 extra zeros:
http://www.nytimes.com/2008/12/18/bu...ss/18opec.html
According to the NYT, since September OPEC has made cuts totaling 4.2 million barrels a day (including a 2.2 million barrel/day pledge yesterday), which represents a 12% reduction since September.

[firstdown]

Originally Posted by onlydarksets

Looks like 2 extra zeros:
http://www.nytimes.com/2008/12/18/bu...ss/18opec.html
According to the NYT, since September OPEC has made cuts totaling 4.2 million barrels a day (including a 2.2 million barrel/day pledge yesterday), which represents a 12% reduction since September.

I thought Bush controlled the price of gas and not OPEC?

[onlydarksets]

Originally Posted by firstdown

I thought Bush controlled the price of gas and not OPEC?

Of course he does - have the OPEC cuts have any effect? Nope.

[firstdown]

Originally Posted by onlydarksets

Of course he does - have the OPEC cuts have any effect? Nope.

They will its just takes time for the actual cut backs to start hitting the market. If these don't work they will make even more cuts in production until they do have the intended effect.